Economists had forecast 200,000 nonfarm payrolls in February, according to a Bloomberg survey. They raised their forecasts Thursday after a report by the payrolls-processing giant ADP showed the private sector added 298,000 jobs in February, many more than expected.
After pumping-up the economy with near-zero interest rates for the entire Obama presidency, we here at CHQ have expected that Obama’s Federal Reserve would not be friendly to Donald Trump’s plans for an economic growth agenda. And the numbers appear to bear us out.
After eight years of doing everything possible to prop-up Obama’s failed economic policies the Fed has now gotten religion and decided to implement a policy to keep employment growth neutral and slow wage growth at a time when working Americans haven’t had a real pay increase in a decade.
For the over 93 million workers who have left the workforce the Great Recession is by no means over as their quality of life and wealth continue to erode.
Investors are nervous about the likelihood that Obama's Federal Reserve will increase in U.S. interest rates for the first time in nine years and there will be a plunge in the value of the euro as the dollar appreciates. The drop wiped out this year's gains for the Dow Jones industrial average and the Standard & Poor's 500 index.
The Federal Reserve is lashing out at Sen. Rand Paul’s plan to give Congress more oversight over the central bank, a proposal that could gain traction in the new Republican-led Congress.The Kentucky Republican reintroduced his “Audit the Fed” legislation last month with 30 co-sponsors, including other potential 2016 GOP hopefuls, Sens.
Rand Paul slammed the Fed: "Congress was intended to have oversight over the Fed and we've lost that oversight so independence has led to abuse. The investigator general said 'We don't have the jurisdiction to directly audit the reserve bank.'"
Darrell Issa requested that Census Bureau Dir. John Thompson respond to a recent report alleging data tampering. “Congress uses the (Current Population Survey) to make crucial policy decisions,” Darrell said in a letter, noting that the wrongdoing has been going on for years.
In the first of a three part series on the TEA Party, Tom DeWeese, Founder and President of the American Policy Center, explains that regardless of whether you agree or disagree with all of the issues or positions of the TEA Party, it is the one movement today that is protecting the right of opposition and freedom of speech for every American.
Economics has moved beyond Keynes, but the Obama administration’s Fed nominee hasn’t.